Gov/Eco H - Free Enterprise and Other Economic Systems

2. go against some people's rights as consumers.

dissent among citizens, as their basic right of free will is going to be challenged.

Which economic goal does this exchange at an outdoor food stand BEST represent?

economic freedom

4.) what is a centrally planned economy

economic system in which the state or gov. makes economic decisions rather...

What is one way in which the economy of North Korea differs from the economy of Mexico?

Mexico's government is less involved in the economy than North Korea's government is.

Date

2/17/17

5.) what are the disadvantages of a centrally planned economy

...

Short Answers

...

..They are not required to only produce what the government tells them to produce customers drive decisions...

..Cstmr wants certain thing, producer must meet their needs in order to survive. drives price, as cstmrs dtermin price of products.

2.) ...

Each goal, achieved by itself, improves the overall well-being of society.

Which mean household income level saw the greatest change relative to the others during this period?

Highest 20%

What does this diagram imply about the value of technological innovations?

Innovations in technology increase economic growth

Why has the United States space program been operated as a public good?

It is impractical to exclude nonpayers from enjoying the scientific and technological benefits of the space program.

According to this diagram, in what way does the government behave like a household in a mixed economy?

It purchases goods and services from firms.

How do socialism and communism differ when it comes to government systems?

Socialism can be democratic, while communism is authoritarian.

Which of the following is a function of households in the market economy?

They supply firms with the factors of production.

1.) what are the 3 economic questions a producer should as ?

What will be produced? How will it be produced? For whom will it be produced?

Why do U.S. economic policies seek to achieve the goal of maximum employment?

When more people work, the economy is more productive and the standard of living rises.

3.) what are the advantages of a free market economy?

allows indiv. to innovate. Individ have freedom to create new ideas, products, & services to sell for profit...

3. It suppresses economic freedom.

citizens would have no incentive to take entrepreneurial risks or innovate.

What two qualities that work together to regulate the marketplace are present in this photo of two cellphone service providers?

competition and self-interest

State and local ballot referendums allow American citizens to

create government economic policies.

2.) list the economic goals of society

full employment, stability, economic growth, efficiency, and equity are widely considered to be beneficial and worth pursuing.

Which of the following BEST describes the U.S. free enterprise system?

individual or corporate ownership of capital goods

1.inefficient in distributing resources.

not being able to accurately predict shortages, surpluses and consumer preferences

This flowchart shows the process for creating clothing in a centrally planned economy. In a market economy, which of the following would replace "Top Planners" as the primary decision-makers about what to produce?

owners of firms

What strategy of modern manufacturing is Adam Smith referring to in this statement?

specialization

4.) ...

than the interaction between consumers & businesses

Private Bridge Attracts Public Interest: Which of the following best describes the use of the private bridge by the public?

the free-rider problem

Government has the power to place restrictions on the use of business and individual property. What restriction does this excerpt from the Fifth Amendment directly address?

the power to take property through eminent domain

What would President Reagan's economic policy MOST LIKELY be concerning regulations?

to cut back on the number of regulations

Government-built infrastructure is a public good. Which of the following BEST paraphrases the intent of this press release by a government official?

to persuade people that the benefits of repairing infrastructure outweigh the costs

Consider this diagram, which is comparing two different systems of production. Which of the following is MOST LIKELY depicted in the top half of this diagram?

traditional economy

What are two things that a command economy fails to provide consumers?

variety of goods and responsive prices